Mike Samson is a college football coach making a base salary of $644,400 a year ($53,700 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $142,800.  1. Compute how much will be withheld during the year for Coach Samson’s Social Security and Medicare. (Round your final answers to 2 decimal places.)      2. What matching amount will the employer need to contribute? (Round your final answer to 2 decimal places.)

1. To calculate the amount withheld for Social Security, we first need to understand that Social Security tax is only applied to the first $142,800 of income. Since Coach Samson's annual salary of$644,400 exceeds this limit, we will use the maximum base amount of $142,800 for the calculation.

   Social Security tax = $142,800 * 6.2$8,853.60

   For the Medicare tax, there is no maximum base amount, so it will be applied to the entire salary.

   Medicare tax = $644,400 * 1.45$9,343.80

   Therefore, the total amount withheld for Coach Samson’s Social Security and Medicare during the year will be $8,853.60 (Social Security) +$9,343.80 (Medicare) = $18,197.40

2. The employer is required to match the amount withheld for both Social Security and Medicare. Therefore, the employer will need to contribute an additional $18,197.40.

1. To calculate the Social Security tax, we first need to determine if Coach Samson's salary exceeds the FICA base amount. Since $644,400 is greater than$142,800, the maximum base amount for Social Security tax, we will use $142,800 for the calculation.

   Social Security tax = $142,800 * 6.2$8,853.60

   For the Medicare tax, there is no maximum base amount, so we will use Coach Samson's full salary for the calculation.

   Medicare tax = $644,400 * 1.45$9,343.80

2. The employer is required to match the amount withheld for both Social Security and Medicare taxes. Therefore, the employer will need to contribute:

   Employer contribution = Social Security tax + Medicare tax Employer contribution = $8,853.60 +$9,343.80 = $18,197.40

So, Coach Samson will have $8,853.60 withheld for Social Security and$9,343.80 for Medicare, totaling $18,197.40. The employer will also need to contribute an equal amount of$18,197.40.